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Avoid Taxes on Your Social Security Benefits
Social Security benefits are subject to taxes and it’s something that tends to catch many recipients off guard. But Maurie Backman explains one can plan for that inevitability. Some suggestions include: 1. House your retirement savings in a Roth IRA; 2. Move to a state that doesn’t tax benefits (13 total); 3. Hold off on filing until you’re no longer working. The latter may be particularly beneficial, as waiting until you are older likely means you will have less or no income from work. The lower overall income is, the less income tax due, if any. Full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.